Bankinter || The number of unemployed decreased by -22,900 people in March, down from an increase of +3,500 in February. The unemployment stands at 2.42 million people (-0.9% monthly and -6.2% year-on-year). The affiliates to Social Security are 21.9 million (+211,500 people +0.98% monthly and +2.5% year-on-year). The seasonally adjusted affiliates to Social Security amount to 22 million people (+80,300 workers, +0.4% monthly and +2.5% year-on-year). Link to the Ministry of Labour and Social Economy and Link to the Ministry of Inclusion, Social Security and Migration.
Opinion of the analysis team: The number of unemployed decreases slightly in March, in line with an average
of slight declines this month in previous years (-33,400 on average in the last 5 years) and coinciding with the start of Holy Week. The implied unemployment rate would be at 9.9% (vs 9.93% Unemployment Rate of the EPA December-25). Our estimates point to an unemployment rate (EPA) of around 10.0% for the whole of 2026.